Business continues to move online and in any conversation you’ll come across the words “data privacy”, “cyber-crime”, “online retailer”, “App development” and many more.

So what exactly does a technology attorney do?

Basically – anything to do with the law and technology. Here at SwiftTechLaw we specialise in the following areas:

GRC (GOVERNANCE, RISK AND COMPLIANCE) – which includes PRIVACY LAW COMPLIANCE (POPIA & GDPR). Information privacy is a hot topic at the moment as the Information Regulator creeps closer to being established. Once this happens South African organisations will need to comply or face hefty penalties. We assist our clients with their compliance, which includes providing them with all required documentation, training and website updates.

DOMAIN NAME RIGHTS AND DISPUTES – Having a company website / online store in this day and age is becoming vital to the success of any organisation and securing your domain name is the first step. We assist with any matters relating to domain name registrations and disputes.

APP DEVELOPMENT – Have an idea for a new app? SwiftTechLaw can assist.

CRYPTOCURRENCY TRANSACTIONS – Crypto-currency investment remains the wild west of South Africa’s financial landscape. There is no cohesive regulation which restricts transactions or facilitates trade and this exposes investors to many risks. Organisations providing platforms for cryptocurrency transactions should also keep up to date with the latest regulations in order to minimise the risk for themselves and their investors. We assist by providing legal opinions and advise on how to minimise the risk of cryptocurrency transactions while the regulation thereof remains mostly unclear.

SOCIAL MEDIA RIGHTS PROTECTION / SEXTORTION / CYBERBULLYING / REVENGE PORN

START-UP / INCUBATOR ASSISTANCE – We assist start-ups with Non-disclosure Agreements, Non-compete Agreements, Registering different types of intellectual property (I.P), Contractual Terms of Business for each specific start-up, Website Privacy Policies and T&C’s, POPIA and GDPR Training.

TRADEMARK REGISTRATION – Trademark registration is a crucial first step for your start-up in order to ensure that you are able to continuously build your brand. If you decide that you don’t want to register your trademark, or that will get around to it once your company has become more established, it’s important that you understand the possible implications of not investing in the protecting of your intellectual property. Let us assist you in building your brand by with our trademark registration services.

COMMERCIAL TECHNOLOGY LAW – need to register a new company? Need assistance in the drafting of End User Licence Agreements? Software Agreements? Or Tech Deal Structuring? SwiftTechLaw provides a wide variety of legal services relating to commercial technology law.

TECHNOLOGY AND CIVIL LITIGATION – need to send a letter of demand? Don’t know what your options are in terms of legal recourse? We assist clients in settling or proceeding further with their legal disputes.

We also specialise in ARTIFICIAL INTELLIGENCE, CYBER CRIMES AND HACKING, ELECTRONIC SIGNATURES, GAMBLING AND GAMING TRANSACTIONS, CONSUMER RIGHTS AND DISPUTES.

Contact SwiftTechLaw here to assist you with your legal needs.

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Despite these risks, the lack of legal regulation offers investors unique opportunities – and many have been cashing in. To date, several crypto-currency schemes have taken advantage of legal “gray areas”, but these opportunities will not be available for much longer. Here are a few things you should know about present-day crypto-currency regulation and its trajectory for the near future.

TAX Regulations

Currently normal income tax rules apply to crypto-currencies. Taxpayers are required to declare cryptocurrency gains or losses as part of their taxable income. SARS has furthermore indicated that in certain circumstances a taxpayer is permitted to deduct expenses incurred in respect of cryptocurrencies, such as Bitcoin trading tax for example.

On 16 July 2018 the National Treasury’s draft Taxation Laws Amendment Bill (draft TLAB) was published for public comment. The draft TLAB introduces legislative provisions for cryptocurrency in the proposed amendments wherein it is proposed that the term cryptocurrency forms part of the definition of “financial instrument”. As a result, amongst others, there may be capital gains tax implications on crypto-currencies should the bill be passed.

EXCON Regulations

The South African Reserve Bank (SARB) has placed on record that within current Exchange Control (EXCON) Laws, crypto-currency does not fall under its regulatory mandate. However, moving cryptocurrencies overseas and buying or selling on a foreign exchange could get you into trouble if the transactions triggers applicable EXCON restrictions. This wil include instances where residents intend to hold locally purchased crypto-currencies in a wallet on an offshore exchange or intend to transfer foreign acquired crypto-currencies to a local wallet.

Conclusion

At the moment, crypto-currency is not regarded as legal tender and remains a relative anomaly within the finance world. In official statements released by the SARB, crypto-currency has been referenced as a Direct Convertible Virtual Currency (“DCVC”) and reclassified shortly after as a “Cyber Token” to distinguish any association between the words “virtual currency” and “Currency” – the latter being legally regulated and defined. Although lawmakers are still considering how to effectively regulate crypto-currency, it is clearly a high priority of the legislature to have crypto laws and regulations in South Africa. It won’t be much longer until the wild west of the investment world has a new sheriff in town.

Do you need a legal opinion on your crypto transactions? Contact SwiftTechLaw here.

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